On June 13, 2007, the Ohio Department of Insurance entered into a consent order with Investors Union LLC, also known as Annuity Service Center (ASC), located in Medina, Ohio. The Department initiated an investigation of ACS after a number of Ohio residents complained that the company used unfair and deceptive insurance practices in its solicitation of annuity business in Ohio. ASC used a national marketing campaign involving mailing postcards to individuals in several states. The cards stated that the recipients needed to set up a service call with ASC concerning their annuities, even though ACS had no relationship with the recipients or their annuity writers. Complaints also alleged that ACS conducted pretext interviews and sold information acquired during service calls to other insurance agents, both violations of Ohio insurance law.
ASC paid an administrative fee of $15,000 and agreed to use specific language approved by the Department in any future mailings.